Venezuela launches its oil-backed crypto-currency, the petro

Bitcoin and other digital tokens are already widely used in Venezuela as a hedge against hyperinflation and an easy-to-use mechanism for paying for everything from doctors*visits to honeymoons in a country where obtaining hard currency requires transactions in the illegal black market. It is time to implement this (call) and engage in dialogue instead of aggression. Dialogue in Caracas or Washington DC? "Time and place, and I will be there", Maduro posted on Twitter, Sputnik reported.

The tweet comes as an aftermath of United States Admiral Kurt Tidd's visit to Tumaco, Colombia, on February 11. Now, a decade later, Bitcoin is big news and a government is launching a cryptocurrency of its own as an alternative to its own existing monetary system. According to Venezuela's president, the country is "Venezuela is constantly threatened by the world's most powerful empire".

However, some experts are of the belief that Tidd's military visit to Colombia was merely part of a longstanding relationship between the countries.

This is not the first time Maduro has asked for holding talks with Trump.

Mr Bianchi agrees that the underlying logic of Venezuela's ICO is to get around the financial sanctions imposed by the USA and Europe.

In total, Venezuela plans to issue 100 million digital tokens, starting with a pre-sale of 38.4 million that starts Tuesday and whose reference price is the current cost of a barrel of oil, or around $60.

Furthermore, should President Maduro lose the election in April, "then petros would probably be made illegitimate", he added. The Maduro regime has refused to heed this call. President of the country Nicolas Maduro brought the launch of the Petro to public notice in December.

Earlier this month, Secretary of State Rex Tillerson said the usa was considering raising the pressure on Maduro to restore the country's constitution and hold fair elections.

Ahead of his South American trip earlier this month, Tillerson said the Trump administration is not pushing for a regime change - though he did suggest Maduro may face threats from within his own borders.

Two days later, he told reporters in Argentina: "Obviously sanctioning the oil, or in effect prohibiting the oil to be sold in the United States.is something we continue to consider".

The digital currency is promised to be supported by oil found in one of the country's major natural reserves that makes it critically different from the traditional cryptocurrencies such as Bitcoin or Litecoin because it is backed by a valid product.

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